2021q4 non ferrous metals industry fund position analysis: high proportion of rare metal positions, Tianqi Lithium Corporation(002466) positions increased

Core view

Non ferrous metal industry fund positions are concentrated in rare metals. In the fourth quarter of 2021, the fund position of non-ferrous metals accounted for 3.81%, ranking eighth in the whole market. From the annual data, the market value of fund positions in the non-ferrous metals industry has increased year by year, from 1.82% in 2018 to 3.81% in 2021. From the perspective of secondary sub industries, the fund has a heavy position in rare metals. At present, the market value of rare metal sector in the overall fund accounts for 2.37%. Among the tertiary sub industries, lithium, other rare and small metals, gold and aluminum are heavily held in terms of market value, accounting for 32.67%, 24.94%, 10.84% and 9.72% of the overall positions of non-ferrous metals respectively. Among them, the proportion of lithium sector increased most significantly in 2021, reaching 1.24% in the fourth quarter.

In terms of stock, Zhejiang Huayou Cobalt Co.Ltd(603799) is the main position object of 2021q4 public fund. From the perspective of position market value, the total position market value of public funds on Zhejiang Huayou Cobalt Co.Ltd(603799) is the highest, with its position market value of 25.513 billion yuan. Followed by Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) , Zijin Mining Group Company Limited(601899) , Henan Mingtai Al.Industrial Co.Ltd(601677) . From the perspective of the proportion of positions in circulating a shares, the overall position of public funds in Jiangxi Geto New Materials Corporation Limited(300986) is the heaviest, accounting for 28.04%. Followed by Henan Mingtai Al.Industrial Co.Ltd(601677) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Tianqi Lithium Corporation(002466) , Anhui Xinbo Aluminum Co.Ltd(003038) .

In terms of variables, the fund increased its positions in Jiangxi Geto New Materials Corporation Limited(300986) in the fourth quarter. From the perspective of the change of the proportion of fund holdings in circulating shares, the funds increased their positions more in Jiangxi Geto New Materials Corporation Limited(300986) in the fourth quarter. The proportion of fund holdings in the overall circulation in the fourth quarter of 2021 was about 28.04%, an increase of 7.48 percentage points compared with the third quarter of 2021. From the perspective of the month on month change of fund holdings and the month on month change of fund holdings market value, the fund increased its position in Zhejiang Hailiang Co.Ltd(002203) in the fourth quarter of 2021. The fund held 9.489 million shares, an increase of 518.22% over the third quarter of 2021, and the market value of the fund's holdings was 118 million yuan, an increase of 575.26% over the third quarter of 2021.

In terms of leaders, Zijin Mining Group Company Limited(601899) fund positions declined, but fundamentals continued to strengthen. In the fourth quarter of 2021, the position of Zijin Mining Group Company Limited(601899) fund declined, and the shareholding of public funds accounted for about 5.77% of its circulation ratio, down about 2.05 percentage points from the previous quarter and about 10.68 percentage points from the same period last year. Although the fund's shareholding has declined to a certain extent, the fundamental advantages of the company remain for a long time. In 2021, the volume and price of mineral resources products owned by the company rose simultaneously, and the prices of copper, silver, lead, zinc and iron ore rose sharply. According to the company's performance forecast, the company may realize a net profit attributable to the parent company of 15.6 billion yuan in 2021, an increase of about 9.09 billion yuan compared with the same period of last year, a year-on-year increase of about 139.67%. In addition, the company is actively expanding the lithium resources sector. In the future, the company's business is expected to break out at many points, and the fund's position proportion in the company is expected to increase.

Investment advice

Leading enterprises with large fund positions, good industry and strong profitability in the non-ferrous industry may benefit, such as: Tianqi Lithium Corporation(002466) , Chengxin Lithium Group Co.Ltd(002240) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) , Zijin Mining Group Company Limited(601899) , Chifeng Jilong Gold Mining Co.Ltd(600988) .

Risk tips

The international covid-19 epidemic is repeated, the sales growth of new energy vehicles is less than expected, and the safety and environmental protection policies are upgraded.

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